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Important news
在线翻译:
szdaily -> Important news -> 
AIIB APPROVES FIRST LOAN PROJECT IN CHINA
    2017-12-12  08:53    Shenzhen Daily

THE Asian Infrastructure Investment Bank (AIIB) announced yesterday that it has approved its first loan in China for a natural gas project.

The US$250-million loan will fund a project to connect 216,750 households in approximately 510 villages in Beijing to the natural gas distribution network, according to an AIIB statement.

Upon completion and after subtracting the emissions from burning natural gas, the project is expected to reduce annual carbon dioxide emissions by 595,700 tons, particulate matter by 3,700 tons, sulfur dioxide by 1,488 tons and nitrogen oxide by 4,442 tons, according to the statement.

AIIB president Jin Liqun said China’s commitment to reducing its reliance on coal will change lives and improve the environment.

“That is why we are investing in a project aligned with their ambitious plan,” Jin added.

He reaffirmed AIIB’s “unwavering commitment” to helping members meet their environmental and development goals, especially their commitments under the Paris Agreement.

“It is only fitting that our first investment in China will introduce sustainable infrastructure that will reduce greenhouse gas emissions and help invigorate one of the most important economic hubs in Asia,” Jin said.

The investment in the project also marks AIIB’s first corporate loan. The project, undertaken by the Beijing Gas Group Company, will entail construction of natural gas distribution networks in villages and low-pressure gas pipelines and household connections. It is scheduled for completion in 2021.

AIIB is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 80 member states.

The bank, which began operating in January 2016, has so far approved loans to 28 projects involving a total of US$3.4 billion, all in countries covered by China’s Belt and Road Initiative.

The initiative aims to strengthen China’s economic ties with countries in Asia and Europe, primarily through infrastructure investment and construction.

In its most recent loan project, the bank approved its co-financing of the US$500-million Metro Manila Flood Management Project in September, the first loan that the lender extended to the Philippines.

The project aims at improving flood management in the National Capital Region by “constructing new and modernizing existing pumping stations and their supporting infrastructure, by improving solid waste management practices within the vicinity of drainage systems served by the selected pumping stations, and by supporting the resettlement of impacted individuals.”

(Xinhua)

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